Danske 1Q18: Net Income Declines 18% Year on Year on the Back of Trading Losses and Lower Fee Income
Narrow-moat Danske posted net income of DKK 4.6 billion for first-quarter 2018, indicating a 18% year-over-year decline, which trends slightly below our full-year estimate. While results were operationally intact, with net interest income increasing 8% and costs declining slightly, a DKK 2.9 billion trading loss booked during the quarter (versus trading gains of DKK 7.8 billion last year) caused a sharp 18% decline in profit for the quarter. As it stands, we believe management can achieve its 20...Danske Bank is a diversified financial services firm. Through its subsidiaries, Co.'s activities include the provision of banking, mortgage finance, insurance, real estate brokerage, asset masnagement and trading in fixed income products, foreign exchange and equities. Co. operates international retail bank operations in 15 countries, with an emphasis in the Nordic region. Co. divides its operations into five segments: Banking Activities, Danske Markets, Danske Capital, Danica Pension and Other Activities. As of Dec 31 2011, Co. had total assets of DKK3,424,403,000,000 and total deposits of DKK848,994,000,000.
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